The Central Bank (BC) has authorized Visa and Mastercard credit, debit and prepaid card holders to be able to make purchases through WhatsApp. This type of transaction is part of the Facebook Pay Program.
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Facebook Pay is a digital payment service that allows users to make payments or send money to other users on the platform. With this service, it is possible to make payments in the Facebook, Messenger, Instagram and WhatsApp.
Since March 2021, the two operators, Visa and Mastercard, had been authorized to transfer funds, deposits and prepaid operations through WhatsApp. However, BC was analyzing the release of purchases through Facebook Pay.
“In this way, there are no more regulatory impediments to carrying out purchase transactions with credit, debit and prepaid cards through WhatsApp (P2M). This new functionality joins the transfer of resources between users of this application, authorized in March 2021 (P2P)”
, highlighted the bank through a note.
Facebook Pay was designed to be a safe and convenient way to transact on the social media platform. It includes features such as the ability to set up a PIN or biometric authentication for added security, as well as the option to review transaction history and manage payment methods.
Accession of new institutions
The Central Bank clarified that the adhesion of new institutions (accreditors or payment issuers) interested in participating in Facebook Pay is still available. New participants must wait one month to begin transacting at Whatsapp.
One of the main benefits of Facebook Pay is that it simplifies the process of sending and receiving money between friends and family. Users can easily split bills, send money as a gift, or make payments for goods and services without having to exchange bank information or use other payment platforms.
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